9 The entry to record the company's cost of selling merchandise under a perpetual inventory system would be a debit to Cost of Goods Sold and a credit to Inventory Odebit to Cost of Goods Sold and a credit to Sales debit to Accounts Receivable and a credit to Sales debit to Inventory and a credit to Cost of Goods Sold QUESTION 10 The general ledger is arranged in the numerical order of the chart of accounts order with normal credit balance accounts first. order with normal debit balance accounts first. alphabetical order of the account names. 4 QUESTION 11 Differences between when a company records a transaction and when the bank records the same transaction are called "timing" differences True False